Saga's share market debut got at best a grudging reception this week while the performance of almost all other newly-floated firms this year has proved miserable so far.

It hardly augurs well for those businesses still preparing market launches - the likes of TSB, Zoopla, B&M and easyHotel - while casual clothing chain Fat Face has already given in and junked its float plans.

Shares in Saga have barely budged from their 185p offer price as the over-50s insurance and travel specialist began full-scale trading in London today - they are up just 1 per cent at 186.75p.

Flat start: Saga's share debut got at best a grudging reception over the past week

At least Saga's shares are just about in the black, unlike most of the cohort of new market arrivals - see below for a full round-up of how they have done since launch,

Although some enjoyed a frothy start, Pets at Home, AO World, Just Eat and McColl's are now all trailing badly.

What lies behind this dismal record?

'Institutional investors have only themselves to blame with respect to this by assigning stupidly high valuations to some of the IPOs [initial public offerings] seen coming out of the blocks earlier this year.'

Hewson says these institutional investors are now complaining that Saga has 'killed the IPO market', and are claiming they lost their enthusiasm for the company due to its insistence it was a consumer and leisure firm not an insurer.

'This assertion about killing the IPO market seems somewhat melodramatic, and when looking at the facts is just plain wrong. The IPO market was already showing signs of fatigue before the Saga IPO with retail chain Fat Face pulling its plans to float earlier this month.'

WHAT'S FLOATING NEXT?

Coming soon: TSB, Zoopla, B&M, easyHotel,WizzAir, River & Mercantile

Second thoughts: Fat Face pulled its float

Hewson adds that the IPO market isn't as bleak as it's being made out to be at present.

'There is always a market for stocks valued on a realistic basis and with sustainable business models,' he says.

Is Saga good value at its current price?

In the run-up to its float, the company set a range for its share offering of up to 245p, then cut the maximum price to 205p, so seeing the shares stock at around 185p is a big comedown on its expectations. Read more here about Saga's price wrangling with the City ahead of the float.

Hewson notes that Saga's PE ratio is 14.5 based on the initial price of 185p. Read more here about using PE ratios to analyse stocks.

Meanwhile, for those investors holding out hope for a nice dividend this has only been mooted for 2015-2106 as an 'aspiration', says Hewson.

Chris Beauchamp, market analyst at IG, says Saga's decision to float as a travel and leisure group rather than an insurance firm dented enthusiasm among City investors, but he sounds fairly upbeat about its longer-term prospects.

'Retail investors remain keen however, and the likelihood is that we will see the shares move gradually higher as big institutions get over their initial disillusionment and start buying in earnest.'